The European Central Bank has decided on penalties for a total of 11,2 million euro against Banca Popolare di Vicenza as it violated the supervisory requirements, on the basis of a decision dating back to last May.
In a note, the ECB explains that a fine of 8,7 million was decided because Pop Vicenza violated the quarterly reporting requirements in the fourth quarter of 2014 and in the fourth quarter of 2015 and for violations of the annual reporting requirements in 2014. A further fine of €2,5 million was imposed for violating the limits on large exposures from 4 December 2015 to 31 March 2016
The sanction - explains the note from Eurotower - is based on the decisions taken by the ECB on 10 May. “Although the banking license of Banca Popolare di Vicenza, which was placed in liquidation, was later withdrawn, the fines take into account the seriousness of the violations and the extent of the entity's liability,” Frankfurt explains.
